Maduro reaches out to Trump on Twitter

Venezuela's economic crisis has largely been triggered by a slide in oil prices and production, which accounts for 96% of exports.

Officials say the so-called petro is backed by Venezuela's crude oil reserves, the largest in the world.

Venezuela's government on Tuesday opened the pre-sale of its contentious petro cryptocurrency, making 82.4 million of the blockade-busting virtual coins available for purchase. Presale began with one token going for $60.

Meanwhile, consulting firm Eurasia Group estimates that although Venezuela could raise some $2 billion in the initial offer, it is "unlikely" that the Petro will be established as "a credible means of exchange", beyond short term "interest".

Cryptocurrencies by design are decentralized financial systems, so one created by a government runs contrary to that spirit and creates an opportunity for manipulation, said Leidenz.

Tillerson, in a speech ahead of his five-nation Latin American tour, said: "We have not advocated for regime change or removal of President Maduro".

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Furthermore, should President Maduro lose the election in April, "then petros would probably be made illegitimate", he added. The governmental support of blockchain technologies may breathe life into the internal affairs of the country.

"With Petro, we are witnessing this opportunism on a much grander scale, and the first of its kind". The U.S. Treasury Department warned in January that investors who buy the cryptocurrency "may be exposed to U.S. sanctions risk".

Over the previous year, the United States sanctioned nearly 50 Venezuelans for allegedly undermining democracy, according to the State Department.

It's also unclear how investors will be able to sell the petro. Siraj is a published financial analyst on the world's leading websites including SeekingAlpha, TheStreet, MSN, and others. They can't buy it with Venezuela's official currency, the bolivar, which is worth almost nothing because of hyperinflation.

Diosdado Cabello, vice president of Venezuela's ruling Socialist Party, on Tuesday proposed holding an early congressional election alongside the April 22 presidential vote, potentially shortening the tenure of the now opposition-run legislature. Opposition leaders say they can't overcome an electoral authority stacked with Maduro loyalists that ignores state abuses and banned its top candidates from the ballot.

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